NSE Optimistic On Insurance Recapitalisation
 9th JAN 2007

The Director-General, the Nigerian Stock Exchange, Dr. Ndi Okereke-Onyiuke, has said that Nigerian insurance companies are expected to issue more shares this year, a development, which is expected to boost the performance of the stock exchange.

The benchmark All-Share Index on the exchange, sub-Saharan Africa’s second-largest, jumped 39 per cent in 2006, the most since 2003, when the main index surged 64 per cent.

Okereke-Onyiuke said at a press briefing in Lagos on Friday that the market’s performance will continue to improve this year “as insurance companies move to consummate merger arrangements, while some companies will recapitalise.”

The Nigerian Stock Exchange is sub-Saharan Africa’s second-biggest bourse after the Johannesburg Stock Exchange in South Africa. Its market capitalisation surged 79 per cent to $40.3bn last year, as average daily sales leapt 85 per cent to $15.2m,” Okereke-Onyuike said.

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